Posted: August 11, 2009 at 8:30 am | Tags: Canada Mortgage, decline, economist, Housing Corporation, Housing Starts, Housing Starts Decrease in July, July, Rural starts, single starts
Posted by Moishe Alexander
OTTAWA, August 11, 2009 — The seasonally adjusted annual rate of housing starts decreased to 132,100 units in July from 137,800 units in June, according to Canada Mortgage and Housing Corporation (CMHC).
“The slight decline in July’s housing starts is mostly attributable to the volatile multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Although July registered a decline, housing starts are expected to improve throughout 2009.”
Over the next several years, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.
The seasonally adjusted annual rate of urban starts decreased 5.5 per cent to 113,500 units in July. Urban multiple starts decreased nine per cent to 61,000 units, while urban single starts moved down 1.1 per cent to 52,500 units in July.
July’s seasonally adjusted annual rate of urban starts increased 16.6 per cent in Quebec. Urban starts declined 17 per cent in the Prairies, 15 per cent in Ontario, 10 per cent in British Columbia, and 1.4 per cent in Atlantic Canada.
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units in July.
Posted: July 9, 2009 at 9:21 am | Tags: Alexander, Board, Calgary, canadian funding corp, canadian funding corporation, crisis, Doug Porter, downturn, economist, Edmonton, Housing Market, June, moishe alexander, month, Ontario, ottawa, price, province, Real, record, sale, talk, Toronto, Vancouver, winter, year
TORONTO – Despite all the talk of a housing downturn and economic crisis in Ontario, the province’s two biggest cities both saw record housing resales last month for the month of June.
The Toronto Real Estate Board said Monday there were 10,955 sales in the Greater Toronto Area in June, a 27% increase from the 8,600 homes sold a year ago. It was the best June for sales since the board started tracking the numbers in the mid 1960s.
In Ottawa, housing sales jumped 12.5% in June to 1,895, also a new record for the month.
The average sale price in the GTA last month $403,972, up 2% from a year earlier. In Ottawa, the average sale price rose 3% annually to $306,925.
“I think the next stage” might be price pressure, said Doug Porter, deputy chief economist at BMO Capital Markets. “The moderation we have seen in prices may not last long if this kind of sales and listing balance remains in place.”
Porter said the mad scramble to buy a house is playing out across the country, as consumers wade back into the market tempted by interest rates the lowest they’ve been in 50 years.
Five-year fixed rate mortgages were as low as 3.75% last month, though they’ve nudged back up to about 4.5% since.
“Vancouver sales were up about 76% from a year ago, the second best June ever for them. Calgary sales were up 27%, and Edmonton sales were up 38%,” said the economist. “A lot of people emerged from their foxholes over the winter and have been brought in by low mortgage rates or a belief the economy is going to improve.
“There was some pent-up demand, things almost froze over solid over the winter.”
http://ontariomortgageinfo.blogspot.com/2009/07/housing-sales-soar-in-ontarios-biggest.html
brought by Moishe Alexander, CFC canadian funding corp CEO